Liu, Li Xian

Jiang, Fuming

Li, Jizhong

Farooque, Omar Al

2021-03-22

While the fund performance management literature has clearly documented that the fund size, fund family size, and net cash flow are important antecedents of equity fund performance, prior empirical studies have revealed mixed results that have not been adequately explained. Through the lens of the contingency perspective, we developed a conceptual model that examines how the expense ratio and management compensation as contextual factors interact with the fund size, fund family size, and net cash flow to affect equity fund performance. The empirical analyses were based on panel data including 690 equity funds in China over a 7-year period from 2009-2015. The results show that the expense ratio and management compensation moderate the effects of the fund family size and net cash flow on fund performance, and management compensation also moderates the relationship between the fund size and fund performance.

Review of Pacific Basin Financial Markets and Policies, 24(1), p. 1-40

1793-6705

0219-0915

https://hdl.handle.net/1959.11/30463

World Scientific Publishing Co Pte Ltd

Antecedents of Equity Fund Performance: A Contingency Perspective

Journal Article

Publication